Energy XXI Said to Plan to Pay Overdue Bond Interest This Week
Monday,14/03/2016|23:39GMTby
Bloomberg News
Energy XXI Ltd., which warned about a potential bankruptcy filing just a week ago, has told investors it plans...
Energy XXI Ltd., which warned about a potential Bankruptcy filing just a week ago, has told investors it plans to pay $8.8 million of overdue bond interest before a grace period expires this week, according to a person with knowledge of the matter.
The struggling oil driller, which hired restructuring advisers PJT Partners and Vinson & Elkins, is continuing talks this week with creditors about how to restructure about $2.9 billion of debt, said the person, who asked not to be identified because the negotiations are private.
A spokesman for Energy XXI declined to comment.
Houston-based Energy XXI has struggled under the weight of its debt load amid a plunge in oil prices. It suspended dividend payouts on preferred shares last month. The company, which has been talking to investors about exchanging some of their debt to cut its total liabilities, hasn’t been able to get the transaction done.
The company skipped a Feb. 16 interest payment on $214 million of 8.25 percent unsecured notes, entering a 30-day grace period to make the payment or face default. It warned in a March 7 regulatory filing that, absent a material improvement in oil and gas prices or a debt restructuring or other deal that improves its Liquidity , it may seek to file for bankruptcy protection.
To contact the reporter on this story: Jodi Xu Klein in New York at jxu205@bloomberg.net. To contact the editors responsible for this story: Nabila Ahmed at nahmed54@bloomberg.net, Shannon D. Harrington
Energy XXI Ltd., which warned about a potential Bankruptcy filing just a week ago, has told investors it plans to pay $8.8 million of overdue bond interest before a grace period expires this week, according to a person with knowledge of the matter.
The struggling oil driller, which hired restructuring advisers PJT Partners and Vinson & Elkins, is continuing talks this week with creditors about how to restructure about $2.9 billion of debt, said the person, who asked not to be identified because the negotiations are private.
A spokesman for Energy XXI declined to comment.
Houston-based Energy XXI has struggled under the weight of its debt load amid a plunge in oil prices. It suspended dividend payouts on preferred shares last month. The company, which has been talking to investors about exchanging some of their debt to cut its total liabilities, hasn’t been able to get the transaction done.
The company skipped a Feb. 16 interest payment on $214 million of 8.25 percent unsecured notes, entering a 30-day grace period to make the payment or face default. It warned in a March 7 regulatory filing that, absent a material improvement in oil and gas prices or a debt restructuring or other deal that improves its Liquidity , it may seek to file for bankruptcy protection.
To contact the reporter on this story: Jodi Xu Klein in New York at jxu205@bloomberg.net. To contact the editors responsible for this story: Nabila Ahmed at nahmed54@bloomberg.net, Shannon D. Harrington
Clearstream to Settle LCH-Cleared Equity Contracts
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Sponsored by FM Academy
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In this video, we review @FundedNext a proprietary trading firm offering evaluation challenges for CFD and futures traders using simulated accounts.
We cover how the model works, including challenge types, profit targets, loss limits, and performance-based rewards. You’ll also learn about payout structures, supported platforms, and key features such as the firm’s 24-hour payout policy and flexible challenge formats.
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#FundedNext #PropFirm #PropTrading #FinanceMagnates #Trading #CFDTrading #FuturesTrading #TradingReview
In this video, we review @FundedNext a proprietary trading firm offering evaluation challenges for CFD and futures traders using simulated accounts.
We cover how the model works, including challenge types, profit targets, loss limits, and performance-based rewards. You’ll also learn about payout structures, supported platforms, and key features such as the firm’s 24-hour payout policy and flexible challenge formats.
Watch the full video to see if FundedNext fits your trading approach.
#FundedNext #PropFirm #PropTrading #FinanceMagnates #Trading #CFDTrading #FuturesTrading #TradingReview
TradingPro Winner Spotlight 🏆 | Global Best Overall Broker 2025
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TradingPro takes the spotlight as Global Best Overall Broker 2025 at the Finance Magnates Awards.
Yusna Yusman, Head of Global Marketing, describes the night as inspiring, elegant, and full of energy.
She also shares a message of appreciation to the clients and community whose support made this achievement possible.
👉 Be part of FM Awards 2026.
#FinanceMagnatesAwards #TradingPro #Trading #Fintech #Broker #WinnerSpotlight #Shorts
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Yusna Yusman, Head of Global Marketing, describes the night as inspiring, elegant, and full of energy.
She also shares a message of appreciation to the clients and community whose support made this achievement possible.
👉 Be part of FM Awards 2026.
#FinanceMagnatesAwards #TradingPro #Trading #Fintech #Broker #WinnerSpotlight #Shorts
